Gary Wang of FTX and Caroline Ellison of Alameda have admitted guilt and are “cooperating” with the federal government

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Caroline Ellison, the CEO of Alameda Research, and Gary Wang, the co-founder of FTX, were charged by the Department of Justice (DOJ) on December 21, 2022, according to U.S. attorney Damian Williams.

According to Williams, Ellison and Wang have both cooperated with law enforcement.

Wang and Ellison were also charged that day by the U.S. Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) followed suit.

In a statement released on Wednesday, the CFTC stated that “Caroline Ellison and Gary Wang recognize liability.”

Zixiao (Gary) Wang, a co-founder of FTX, and CEO Caroline Ellison of Alameda Research have been charged by the government with fraud, according to U.S. attorney Damian Williams and the SDNY Department of Justice (DOJ).

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The first to reveal that Caroline Ellison and Gary Wang were both assisting law enforcement was U.S. attorney Damian Williams.

“[Law enforcement] is moving swiftly and our patience is not forever,” Williams continued. Williams further disclosed to the media that Sam Bankman-Fried (SBF), a co-founder of FTX, is currently being held by the American Federal Bureau of Investigation (FBI).

SBF will be brought to the SDNY district and will make his or her court appearance “as soon as possible,” according to the attorney. Williams stated that numerous people in The Bahamas and the United States helped hasten the defendant’s return.

On Wednesday, Wang and Ellison were also the subject of complaints from the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC).

FTT was used as security for hidden loans made by FTX to Alameda, a cryptocurrency hedge fund controlled by Ellison and owned by Wang and Bankman-Fried. Ellison and Wang are helping with the SEC’s ongoing investigation, the SEC continued.

According to the CFTC’s complaints, Wang enhanced FTX’s code to benefit Alameda Research.

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